NEW YORK, March 6 — The Office of Foreign Assets Control under the U.S. Department of the Treasury on Friday issued a general license authorizing certain activities involving Venezuelan-origin gold.
The license authorizes all transactions prohibited by the Venezuela Sanctions Regulations by an established U.S. entity, as long as any contract for such transactions specifies that the U.S. laws or any jurisdiction within the United States govern the contract and that any dispute resolution under the contract occurs in the United States.
Also, the transactions are authorized, provided that any monetary payment to a blocked person is made into the Foreign Government Deposit Funds or any other account as instructed by the U.S. Treasury Department.
Nevertheless, the general license does not authorize payment terms that are not commercially reasonable, or transactions involving a person located in or organized under the laws of Russia, Iran, the Democratic People’s Republic of Korea, or Cuba.
The general license still requires compliance with the requirements of other federal agencies, including the U.S. Department of Commerce’s Bureau of Industry and Security. (Namibia Daily News / Xinhua)
